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The Ultimate List of Modern Employee Benefits

The Ultimate List of Modern Employee Benefits

Most employers are intimately familiar with the usual suspects of employee benefits, like 401(k) plans and health coverage options, but have you ever wondered about all of the other kinds of benefits different employers offer? Let's take a comprehensive look at all of the different kinds of benefits that organizations offer today, including some you may never have even considered.

Wellness and Health Benefits

There’s a good chance you already offer some form of wellness benefit. According to the Society for Human Resources Management, nearly three-quarters of businesses offer at least wellness resources and information. Other benefit programs can include weight loss and smoking cessation programs, as well as health screening. And medical insurance is one of the most commonly offered benefits available – up to 94% of organizations make some form of health coverage available to workers. Some organizations offer long-term care and disability insurance benefits as well.

Leave Benefits

Paid Time Off (PTO) is another common benefit, although its specific form can vary. Some organizations offer PTO that can serve as either vacation or sick time, while some companies separate vacation time from sick leave. A few companies offer “vacation purchase plans” as well as extended leave options (like paid or unpaid sabbaticals).

Financial Benefits

In addition to salaries or wages, many companies offer reimbursements or other forms of financial compensation. For example, they might provide subsidies for transportation or parking costs. Other financial benefits include:

• Employee discounts on company products or services

• Organization-specific credit union

• Matching charitable contributions

• Disaster/emergency loans

• Employee stock purchase programs

• Child care subsidies

• Relocation benefits

• Rental, mortgage, or down payment assistance

Flex Working Benefits

In 2016, more than half of organizations offered some form of telecommuting, although how it works varies widely. In addition, many organizations offered flex time programs (e.g., work late today, leave early tomorrow, or earn additional time off by working longer hours during busy periods), while some organizations allowed compressed workweeks (e.g., four 10-hour days per week).

Employee Assistance Programs

Many companies offer financial assistance to employees forced to navigate major life issues, like moving, children, and even aging parents. For example:

• Legal assistance/services

• Concierge services (e.g., help with personal errands or tasks)

• Child or elder care services

• Employee assistance programs (EAPs, which can include advisory services)

Professional and Career Advancement Benefits

It’s no wonder that many businesses provide benefits that help employees develop their career prospects; that helps the employer too! Organizations might, for example, pay for professional memberships, certification programs, attendance at professional conferences, professional training, etc.

Non-Health Insurance Benefits

Although typically offered as voluntary benefits (where the employees pay for the benefit entirely themselves), many employers make a variety of insurance programs available. These can include less commonly available coverages like legal insurance, pet insurance, identify theft insurance, etc.

Perks

Though not technically benefits, many employers offer “perks” to their employees that could be considered a benefit of working for them. These perks can take many forms, but frequently involve free food (like snacks or meals provided by the employer) or onsite activities (chair massages, video games, workout centers, etc.). These perks can often pull double- or triple-duty: they make the employer a more attractive place to work, give employees a much-needed break that will make them more productive overall, yet keep employees on-premises to work more.

What benefits to do you offer?

Need more information about employee benefits? CoAdvantage, one of the nation’s largest Professional Employer Organizations (PEOs), helps small to mid-sized companies with benefits, payroll, compliance, and HR best practices. To learn more about our integrated HR outsourcing solution, contact us today.